MRED Chicagoland Report for August, 2014
Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it’s been so long since we’ve seen one that we’re watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months’ supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.
New Listings in Chicagoland were up 4.6 percent for detached homes and 1.1 percent for attached properties. Listings Under Contract increased 4.6 percent for detached homes and 3.1 percent for attached properties.
The Median Sales Price was up 8.1 percent to $219,900 for detached homes and 9.3 percent to $177,000 for attached properties. Months Supply of Inventory increased 4.4 percent for detached units but was down 4.4 percent for attached units.
Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it’s encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues.
MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators reports. MRED’s August Market Statistics package will be posted on Monday, September 22nd.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or firstname.lastname@example.org.